The pound euro exchange rate is 0.053% lower on the day with GBP to EUR at 1.1488. The pound dollar exchange rate is 0.324% lower on the day with 1 GBP = 1.5678 USD. The pound Australian dollar exchange rate is 0.334% lower with 1 GBP = 1.5308 AUD. "Sterling remained under pressure overnight, as headline risk from the eurozone continued to dominate investor sentiment, although it did bounce from its lows following the Greek reports that it was close to a deal with the Troika," says a currency note from Ben Potter at IG Markets. GBP USD hit a low of 1.5631 before rallying to close the session at 1.5702. Also weighing on the currency was a report in the Financial Times, speculating that a 12 billion pound hole had opened up in the UK’s public finances, which if true, could lead to lower economic growth numbers and problems for the already implemented austerity measures. After opening Asian trade around the same level, it has fallen in-line with risk appetite following the news of the Italian credit downgrade. It’s currently trading at 1.5671. Looking ahead, sterling is going to be at the mercy of risk appetite for the coming day or so until we see the release of the latest MPC meeting minutes tomorrow night. There is a very real chance that we may see another board member change their stance and vote in favour of further quantitative easing measures. Meanwhile, over the last 24 hours, the AUD has come under increasing pressure as concerns about the ongoing viability of Greece as part of the European Union and a pending default on its debt have weighed on investor risk appetite. As the ultimate fiat currency barometer of risk sentiment, the AUD has been particularly vulnerable to the constant flow of news, rumour and speculation emanating out of Europe.

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